Financial Literacy, like any other subject, is made up of what you know (knowledge) and what you are able to do (skills). Combining the two will help you make sound financial decisions—to effectively manage your money, appropriately called “Financial Literacy.”
The three most critical elements of managing your money are: knowing your income and expenses, living below your means, and saving.
- You should know the amount of money coming in (income) and the amount of money going out (expenses).
Once you know the amount of money you have to spend (income) and how much things cost (expenses) you will be able to make those financial decisions that will enable you to…
- Live below your means.
If you are living below your means, you will have money to…
This blog, Financial Literacy: A Life Skill, draws its content from basic math skills, accounting principles, economic theory, and the Virtues of the Church.